Another former major league official, who'd hoped to put together his own group, characterized the transaction another way.

“I'm hearing it's a done deal,“ he said.

McLane flatly denied a deal had been struck and said discussions were continuing with “three or four people who are aggressively going after it.“

“There's not a deal,“ he said. “We're not farther along with Jim than with anyone else. Whoever the person ends up being has to be qualified by MLB. No price has been agreed on, and we've got to make sure they've got the money.“

Likewise, the investment banker handling the sale, while praising Crane, said others were still involved in the bidding.

“It's not true we have a deal,“ said Steve Greenberg, managing director of Allen and Company. “It's premature to say anyone is the leading candidate. There are a small number of people we've had serious discussions with.“

However, he praised Crane, saying, “Jim Crane is a very strong candidate. Having done a number of these MLB transactions and knowing what baseball looks for in an owner, he embodies many of the qualities that make an excellent owner. He has roots in the community and a passion for baseball. But no one is being crowned the winner at this point.“

McLane purchased the team for $117 million in 1992. People with knowledge of the discussions were uncertain of the purchase price, saying only that it definitely would exceed the $523 million the Rangers went for last summer. Forbes recently placed the value of the Astros at $474 million.

That Crane is in the mix is a remarkable occurrence. McLane and Crane had a handshake agreement for the franchise in 2008, but Crane abruptly changed his mind and broke off discussions.

McLane was said by associates to have been furious. The Astros had prepared a news release announcing the sale.

Crane attempted to buy the Chicago Cubs in 2008 and the Texas Rangers last summer during their bankruptcy auction. Crane said in a 2010 interview that he remained interested in acquiring a baseball team "under the right economic conditions."

Regarding the Astros, he said, "I certainly respect Drayton and wish him the best.“

McLane announced his intention to sell, saying he was doing it for estate-planning purposes and that he intended to devote himself to charity work.

“I feel all of us have been blessed have a duty to give something back,“ he said.

His stewardship of the Astros includes a stretch in which they made the playoffs six times in a nine-year stretch, culminating with winning the National League pennant in 2005 and bring the World Series to Texas for the first time.

Even though the Astros have never won a World Series, only five major league teams won more games since McLane's 18 seasons. In the last 14 seasons, only the Yankees (13), Braves (10), Red Sox (8) and Cardinals (7) have made the playoffs more than the Astros.

McLane has attempted to make the club more attractive to bidders by stripping down its payroll. The team's Opening Day payroll has been cut from $107 million in 2009 to around $82 million this season.

With only $46 million in payroll commitments for 2012 and just $16.5 million in 2013, the new owner will have great flexibility to reshape the roster.

McLane also believes a new regional television network could be a significant source of additional revenue.